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DLF transfers Rs 330 crore land to JV with GIC for settlement of dues
Posted on 28th May 2019
Realty major DLF has transferred a three acre land worth Rs 330 crore in Gurugram to its joint venture with Singapore sovereign wealth fund GIC and is in process to hand over a Noida shopping mall to settle dues.

DLF owed Rs 8,700 crore to DLF Cyber City Developers Ltd (DCCDL) as on December 31, 2018.

In December 2017, the realty firm DLF entered into this joint venture with GIC when DLF promoters sold their entire 40 per cent stake in DCCDL for nearly Rs 12,000 crore.

This deal included sale of 33.34 per cent stake in the DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by the DCCDL.

DLF holds 66.66 per cent while GIC holds 33.34 per cent stake in the JV firm DCCDL.

In its latest analyst presentation, DLF has informed that the company has transferred 3.05 acre land parcel near Mall of India, Gurugram for Rs 330 crore.

The 2 million sq ft Mall of India project at Noida in Uttar Pradesh is in process to be transferred to DCCDL at a valuation of Rs 2,950 crore, it added.

Post this transaction, the outstanding amount would come down to around Rs 5,450 crore.

To settle this balance amount by next year, DLF has proposed to sell its stake in its prime commercial project Horizon Centre in Gurugram, Haryana for about Rs 850 crore.

That apart, it plans to transfer its mall at Saket in South Delhi at a valuation of Rs 1,050 crore. Another Rs 1,000 crore is proposed to be settled through transfer of DLF’s commercial land in Chennai, while Rs 1,100 crore would be settled as per the previous contract with group firm DLF Assets Ltd.

Related Companies: DLF Ltd   

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The overtime limit is increased from 75 hours to 115 hours per quarter, and now the engagement of women workers will be allowed, with consent, between 7 pm to 6 am in factories with the condition that adequate safety, welfare and security measures and safeguards are taken by the concerned factories as prescribed, read an official statement issued by the Odisha government.

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Railways running 'Corona Express' in name of Shramik trains, says Mamata
Posted on 30th May 2020
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Maharashtra to announce Covid-19 relief package soon: Deputy CM Ajit Pawar
Posted on 30th May 2020
Deputy Chief Minister Ajit Pawar on Friday said that the Maharashtra government will announce a package soon to deal with the situation arising out due to coronavirus (Covid-19) outbreak.

We will get to know about further plans for a lockdown of the Centre through the Prime Minister. I feel that the Prime Minister now will leave it on states because everything is shut for the last two-and-a-half-months. Schools, colleges, business and jobs are shut and hence, there is an economic crisis today, Pawar said.

COVID-19 tally in India crosses 1.73 lakh-mark, nearly 5,000 deaths; highest spike of 7,964 cases in 24 hours
Posted on 30th May 2020
The total number of confirmed cases of COVID-19 infection in India crossed the 1.73 lakh-mark on Monday, while the death toll neared the 5,000-mark as well. At 9:30 AM on this day, the COVID-19 tally in the country has reached 1,73,763 cases, which includes 86,422 active cases; 82,370 cured, discharged, or migrated patients, and 4,971 deaths.

According to the Union Ministry of Health and Family Welfare, as many as 7,964 new COVID-19 cases and 265 deaths were reported in the country in the last 24 hours, marking a significant spike. In fact, this is the highest spike in India's COVID-19 tally so far.

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